Buying a Fixer-Upper Pros and Cons

Buying a Fixer-Upper Pros and Cons

Posted by Ryley Trenchuk on Friday, April 19th, 2019 at 11:45am.

There can always be a negative side to purchasing a short-sale as an investment.

It’s possible to pay more than what the property is actually worth.  Most of the time a short-sale happens because the home owner is upside down on the loan.  However, just because the property is listed at what you think is a low price doesn't mean you're getting a great deal.

Normally these homes are sold 'as-is, where is', In this case, if there are hidden defects within the property (ie: unstable roof, termite damage, or appliances are worn out) that start showing after the deal goes through, you as the new owner, are the one who will be picking up the tab of repairing and replacing.

It could also take months for the lender to actually accept your offer, then even longer for the closing to take place. The bank that holds the mortgage is in charge of every aspect of the sale.  This includes accepting the offer, requirements at closing and the closing date.  In these situations they can even change the terms on closing day.

As a licensed real estate agent, I know which banks will work with you, I have access to the entire MLS network and I know the market value of properties in the area. I also know the steps we need to take to ensure that the home you’re considering will be a profitable investment for you.

Call me today so we can find the best short-sale for your investment.

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